Cambridge Savings Bank Leads $45M Participation Loan for Modera Wealth Management, LLC’s Transaction with Parsec Financial Management, Inc.

Financing enabled firm to add six more locations in North Carolina to expand its presence on the East Coast, with assets surpassing $11 billion

CAMBRIDGE, Mass.–(BUSINESS WIRE)–#SMBs—Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and nearly $7 billion in assets, today announced that it was the lead bank in a $45 million participation loan for Modera Wealth Management, LLC (Modera)’s transaction with Parsec Financial Management, Inc (Parsec). Led by CEO Tom Orecchio, CFA®, CFP®, ChFC®, AIF®, Modera is a fee-only, fiduciary financial advisory firm focused on providing clients with a high level of care and attention.

Founded in 1983, Modera has grown significantly over a 40-year period, leveraging strategic mergers and acquisitions to build a leading multi-generational firm for its clients and employees alike. The funding provided by CSB supported Modera’s largest transaction to date, adding Parsec’s assets, including its approximately 75 employees collectively managing around $3.8 billion in client assets. Modera oversees more than $11.4 billion in assets as of October 1, 2023 with more than 190 employees, including 83 Certified Financial Planners®, across 16 offices.

“Our partnership with Cambridge Savings Bank has been instrumental during this period of strategic growth,” said Orecchio. “The team is quick, nimble, diligent, and consistently presents more favorable terms than other available options. Above all, CSB has been a champion and a trusted confidant as we continue on our mission to remain independent.”

CSB became Modera’s primary banking partner in 2019 when it extended a $9 million loan to support partner buyouts and to better position the firm for inorganic growth opportunities. Over the course of the relationship, CSB’s commercial lending team has provided Modera with capital to help the firm refinance existing debt, take on new debt, accelerate its expansion along the East Coast, and grow client services and offerings.

Modera’s transaction with Parsec was backed by its existing equity partner, TRIA Capital Partners, an investment firm focused exclusively on providing minority, non-control financing solutions to independent registered investment advisors (RIAs). Following this transaction, Modera has continued to operate as an independent entity, maintaining majority ownership and control by its employees.

“Since the onset of our relationship, Modera has been a model partner. In addition to its successful track record and vast experience in the wealth management vertical, the firm is deeply passionate about providing its clients with the best possible experience,” said Brian Annese, First Vice President, Senior Corporate Banking Loan Officer Cambridge Savings Bank. “As an institution committed to consistently applying a customer-first approach, we’ve found that Modera’s comparable focus has made for a seamless relationship. We’re grateful for the opportunity to continue supporting the growth of Modera.”

CSB’s commercial division is focused on serving the needs of its local communities and businesses, offering a full suite of Corporate Banking Lending, Commercial Real Estate Lending, Asset-Based Lending, Treasury Management, and Trade Services solutions. To learn more about CSB’s custom solutions for commercial entities, please contact Brian Annese at [email protected].

About Cambridge Savings Bank

Cambridge Savings Bank is a full-service banking institution with over $6 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. In March 2023, Kroll Bond Rating Agency Affirmed CSB’s investment-grade rating, reinforcing the bank’s position as a reliable business lender. To learn more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC. Equal Housing Lender.

About Modera Wealth Management

Modera provides fee-only, comprehensive wealth management for individuals, families, retirement plan sponsors and non-profit institutions. In addition to portfolio management, Modera provides clients with financial planning services, including retirement planning, design, and implementation, estate planning, income tax planning and risk analysis. Modera has maintained a client-first philosophy since its inception in 1983 when its predecessor firm established itself as one of the country’s first fee-only advisory firms. Since then, the Modera has grown its geographical footprint while adding depth and breadth in its expertise. The firm has 16 offices across the east coast with locations in Massachusetts, New York, New Jersey, Pennsylvania, Virginia, North Carolina, Georgia, and Florida. Read more at moderawealth.com.

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